Bakkt Holdings has announced a strategic overhaul, shifting to a pure-play crypto infrastructure company following a $75 million capital raise.
This move marks a decisive departure from its previous consumer-focused operations towards high-growth infrastructure solutions, including advanced stablecoin payments and Bitcoin treasury management.
The company has completed the sale of its Bakkt Trust Company to Intercontinental Exchange (ICE) and entered a definitive agreement to divest its Loyalty business, transactions expected to close in the third quarter of 2025.
Central to Bakkt’s new strategy is the upcoming launch of Bakkt Agent, a stablecoin payments platform that leverages AI and chat-based technology to enable global transfers. Currently in private beta, the platform supports transfers to over 36 countries, with plans to expand to more than 90 countries within the coming quarters. This innovation results from a commercial partnership with Distributed Technologies Research (DTR), enhancing Bakkt’s payment capabilities with advanced stablecoin technology.
In a bold move into the Asian market, Bakkt has acquired approximately 30% of Marusho Hotta Co. Ltd., a Tokyo-listed company, becoming its largest shareholder. This acquisition is a key element of Bakkt’s Bitcoin treasury strategy, positioning the company strategically within Japan’s $1.2 trillion crypto market.
Meanwhile, Stablecoins have surpassed Visa’s transaction volume, achieving this in just five years compared to Visa’s four decades.
Reinforcing its new direction, Bakkt’s sole CEO, Akshay Naheta, outlined a three-pillar approach: upgrading its brokerage trading technology, deploying stablecoin payment solutions, and expanding its Bitcoin treasury initiatives. Significant upgrades to the brokerage platform are scheduled for the second half of 2025, aimed at enhancing performance and broadening asset offerings.
Financially, Bakkt reported a net loss of $30.2 million in Q2 2025, a 15.1% improvement year-over-year, and an adjusted EBITDA loss of $12.6 million, improving nearly 30% from the prior year. Revenue for the quarter totaled $577.9 million, driven largely by $568.1 million in gross crypto services revenue, signaling healthy top-line performance amid ongoing restructuring.
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